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Wall Street Journal - Oct 17

The following are the leading stories in the Wall Street Journal. Reuters has actually not verified these stories and does not vouch for their precision. - Defense professional RTX has actually consented to pay more than $ 950 million to deal with government examinations into allegations that it misinformed the Defense Department and funneled kickbacks to a top-level authorities in Qatar's flying force. - Tesla Chief Executive Elon Musk has tapped Omead Afshar to oversee operations in The United States and Canada and Europe, 2 markets where the business is dealing with stiffer competition in the electric-car area and cooling...

Oil & Gas

California says Exxon's recycling claims developed a 'public problem.' What does that mean?

California's lawsuit on Monday accusing Exxon of sustaining worldwide plastic waste pollution by misleading the general public about the constraints of recycling is the most recent in a line of recent cases based upon a centuriesold legal theory referred to as public annoyance. Here is a look at how public annoyance claims work, how such claims have fared and what it might mean for California's effort. WHAT IS PUBLIC NUISANCE? A public problem claim is one that can be brought against defendants based on behavior that disrupts a right that belongs to the general public, rather than to an individual....

Oil & Gas

Group backed by Bloomberg, NASA releases its first methane-hunting satellite

A coalition utilizing NASAdeveloped technology and backed by philanthropists consisting of previous New York mayor Mike Bloomberg will launch the very first in a series of satellites on Friday to determine leakages of the planetwarming gas methane from space. WHY IT is very important The launch, aboard the SpaceX Transporter-11 Rideshare objective, is a milestone for the Carbon Mapper Coalition, which was formed in 2021. The partnership consists of NASA's Jet Propulsion Laboratory, satellite firm Planet Labs, RMI and Arizona State University, with sponsorship from High Tide Structure, Bloomberg Philanthropies, Grantham Structure for the Security of the Environment, Zegar Family...

Fossil Fuels

US refiners trim Q3 output in the middle of weaker margins, plant overhauls

U.S. petroleum refiners are trimming thirdquarter production strategies, company executives said in current profits calls, as summer fuel demand recedes and profit margins stay weak. Operators state they are budgeting more maintenance downtime into projections after performing at an industry average 95% of capability earlier this year. Those high oil processing levels led to abundant gasoline stocks, which benefited vehicle drivers but hurt revenues. Matthew Blair, top refining expert at energy company Tudor, Pickering, Holt & & Co, stated refiners are showing a deteriorated margin environment in the third quarter with softer need. The hope is if you lower supply...

Oil & Gas Refining

California seeks company profits in Big Oil climate suit

California's chief law officer on Monday sought to force the world's greatest oil companies to give up revenues the state declares they made while tricking consumers about their function in adding to environment modification. The legal action comes months after a new state law went into impact that permits the attorney general of the United States to look for earnings obtained from companies while they broke laws versus unfair competition and incorrect marketing. Attorney General Rob Bonta included the so-called disgorgement remedy to a suit submitted in 2015 versus Exxon Mobil, Chevron, Shell, BP, ConocoPhillips and oil and gas industry...

Power Markets

US area power rates turn negative in California, Arizona again

U.S. area power prices in California and Arizona turned unfavorable again for Monday, while nextday natural gas costs in northern California fell to their lowest considering that 2001 in the middle of low need and ample low-cost hydropower and other sustainable supplies. Unfavorable prices signal there is excessive power or gas being produced in an area. Energy firms can either minimize output, pay someone to take their power or gas, or, if they can get a. permit, flare undesirable gas. Next-day power at the Palo Verde hub in. Arizona fell to unfavorable$ 2.50 per megawatt hour (MWh) for. Monday, while...

Fossil Fuels

US spot natgas costs hit record low in California, power rates remain negative

U.S. area gas costs in Southern California was up to a record low for Tuesday, while power in Arizona and California remained unfavorable amidst low energy demand over the Memorial Day holiday weekend and ample inexpensive hydropower and other sustainable supplies. Negative costs signal there is excessive power or gas being produced in a region. Energy companies can either decrease output, pay someone to take their power or gas, or, if they can get a. license, flare undesirable gas. Next-day gas prices at the Southern California (SoCal). Border slid to a record low of 92 cents per. million British thermal...

Fossil Fuels

Appealing pipelines and fracking, Trump rakes in millions at Texas fundraisers

Republican governmental prospect Donald Trump raised 10s of countless dollars during a fundraising swing through Texas today, guaranteeing he would support the oil and gas industry by backing brand-new pipelines and restoring fracking on federal land. Trump has actually courted support from the energy industry with a. pro-fossil fuel and anti-regulation agenda and routinely. criticizes President Joe Biden's policies to speed up the. energy transition toward a low-carbon economy. The oil and gas industry has boomed under Biden despite. increased regulation and the more climate-focused. administration, making record profits and pumping more oil and. gas than ever before. The market...

Fossil Fuels

US Southwest and Texas at threat of power shortfalls this summer season, regulator says

The U.S. Southwest and Texas are at an increased risk of power supply deficiencies during times of peak demand this summer season due to rising electricity usage and supply restraints, the North American Electric Dependability Corporation said on Wednesday. Parts of the Midwest and New England are likewise under elevated hazard of inadequate power supplies in high electrical energy intake periods this summer season, while the U.S. Northwest and the majority of the East Coast are expected to see regular conditions, NERC said. WHY IT'S IMPORTANT Severe heat, brand-new data centers, increased manufacturing activity and electrical automobiles are raising U.S....

Fossil Fuels

California to conclude Exxon plastics probe 'in weeks', AG states

California will conclude a twoyear examination into Exxon and the fossil fuel industry's function in causing global plastic contamination by summer and decide if it will submit a claim versus oil giant, its attorney general of the United States informed on Monday. The state introduced its examination into the oil and petrochemical industry's function in producing and exacerbating the global plastic waste crisis in April 2022 and subpoenaed Exxon for files. The plastics examination mirrored similar actions it has taken on climate modification that concentrated on what the industry knew about the issue for years and how it misinformed the...

Fossil Fuels

How Monday's overall solar eclipse affects U.S. grid operators

Electric grids across the U.S. are expecting a rapid decline in solar generation during Monday's. overall solar eclipse, which will span numerous states. NASA approximates the path of totality - when the sun is totally. blocked by the moon - will last from 1:30 pm CDT (1830 GMT) to. 2:35 pm CDT in the U.S. Here's how the eclipse will affect grid operators across the. country:. ERCOT (TEXAS). The eclipse is anticipated to pass Texas from 12:10 p.m. to 3:10. p.m. CDT and cause solar power generation to dip to approximately 8%. of it optimal output at its peak, the...

Oil & Gas Exploration

Chevron to pay over $13 million in settlement for California oil spills

Chevron will pay $13.1. million in settlement contracts with two California state. firms for previous oil spills in Kern County, Bakersfield, the. California natural resources company stated on Wednesday, as the. significant oil producing state enhances regulations. Chevron, which has already spent for the clean-up costs for. its oil spills in 2019, will pay $5.6 million to the California. Department of Conservation, and $7.5 million to California. Department of Fish and Wildlife (CDFW), the company stated in a. declaration. Chevron spilled a minimum of 800,000 gallons of oil and. water into a creek bed in Kern county in 2019, according...

Environment

Environment

Thousands under evacuation orders in California as wildfires destroy homes

Countless people were under evacuation orders in Southern California as fast moving wildfires engulfed homes, authorities stated, with the National Weather Service releasing a warning alert that described the scenario as particularly hazardous. Video shot by an eyewitness revealed citizens rushing to leave their homes in the city of Camarillo as thick smoke blanketed the sky above. Footage also showed houses and automobiles completely engulfed in flames. The Mountain Fire was spread over 14,000 acres with at least 800 firefighters assigned to managing it, the fire department in Ventura County, located northwest of Los Angeles, said. It had requested extra...

Environment

Wall Street Journal - Nov 6

The following are the leading stories in the Wall Street Journal. Reuters has not validated these stories and does not vouch for their accuracy. - Nvidia and Jeff Bezos-backed Perplexity AI are finalizing a brand-new funding round to raise $500 million, which would value it at $9 billion, tripling its evaluation from simply a. couple of months ago. - The New York Times has released its. election-forecasting tool, Needle, on Tuesday evening, which. estimates the outcome of the election based upon ballot outcomes,. in spite of a continuing strike by hundreds of its tech workers. - Hackers connected to Chinese...

Environment

Los Angeles County takes legal action against PepsiCo and Coca-Cola over plastic pollution

Los Angeles County has actually taken legal action against beverage makers PepsiCo and CocaCola, implicating them of contaminating the most populous U.S. county with plastic bottles and misguiding the public about the environmental impact and recyclability of their containers. The county in a suit submitted on Wednesday in Los Angeles Superior Court stated the companies were adding to plastic contamination with their singleuse plastic bottles and were participating in a campaign to trick consumers into believing they were recyclable. According to the Democratic-governed county's suit, the companies did so in spite of understanding the plastic in their bottles can not...

Climate Change

Pollution

Pollution

Thousands under evacuation near Los Angeles as wildfire torches homes

Over 10 thousand people were bought to leave communities northwest of Los Angeles as strong seasonal winds drove a wildfire down tinderdry hillsides into ranches and homes, authorities said. Firemens and cops cleared citizens from areas near Camarillo before homes were fired by ashes blown two miles (3.2 km) from the fire front, Ventura County fire department Captain Tony McHale said by phone from near the blaze. It resembles trying to put out a blowtorch with a squirt weapon, said McHale of the fire which began in a hillside canyon on Wednesday then tore west, driven by Santa Ana winds....

Pollution

EPA should address fluoridated water's danger to children's IQs, US judge guidelines

A federal judge in California has ordered the U.S. Epa to enhance policies for fluoride in drinking water, saying the compound presents an unreasonable prospective threat to kids at levels that are currently normal nationwide. U.S. District Judge Edward Chen in San Francisco on Tuesday sided with numerous advocacy groups, finding the present practice of adding fluoride to drinking water materials to fight cavities provided unreasonable dangers for children's establishing brains. Chen said the advocacy groups had actually established during a. non-jury trial that fluoride postured an unreasonable threat of damage. adequate to need a regulatory reaction by the EPA...

Oil & Gas Exploration

United States Coast Guard states no remaining recoverable oil sheen seen off California

The U.S. Coast Guard stated on Saturday it did not observe any remaining recoverable oil shine during a morning overflight off the coast of Huntington beach, California. On Friday, the firm said it was attempting to determine the source of an oil spill off the coast after the shine, estimated at 2.5 miles (4 km) in length and 0.5 miles (800 meters) in width, was found when a Coast Guard helicopter flew over the site at dawn. Tar balls were observed along the shoreline in Huntington Beach, and onshore recovery groups will assess the coastline and eliminate them as required,...

Pollution

Chevron to pay over $13 million in settlement for Kern County oil spills

Chevron will pay $13.1. million in settlement agreements with 2 California state. agencies for previous oil spills in Kern County, Bakersfield, the. California natural deposits agency stated on Wednesday. Chevron, which has actually currently paid for the clean-up expenses for. its oil spills in 2019, will pay $5.6 million to the California. Department of Conservation, and $7.5 million to California. Department of Fish and Wildlife (CDFW), the agency stated in a. statement. Chevron spilled a minimum of 800,000 gallons of oil and. water into a creek bed in Kern county in 2019, according to. local media business. The fine is...

Pollution

US court maintains EPA choice to approve California electric-vehicle guidelines

A U.S. appeals court on Tuesday upheld the Environmental Protection Agency's choice to grant California a waiver to set its own tailpipe emissions limitations and electricvehicle requirements. The three-judge panel of the U.S. Court of Appeals for the District of Columbia declined a legal challenge from 17 Republican-led states and entities that produce or sell liquid fuels. The EPA in March 2022 under President Joe Biden brought back California's capability to set its own zero-emission car sales required and tailpipe emissions limitations through 2025, reversing a. 2019 decision by then-President Donald Trump. California Guv Gavin Newsom said the court agreed....